Adding security measures in a globalized hacking world

As the implementation of online payments, mobile wallets and ACH transfers continues to spread throughout the globalized world, fraudulent financial activity follows suit. In 2001, when the internet was only starting to break through as the leading business driver among most industries, fraud, identity theft and other illegal activities reported by the Federal Trade Commission reached more than 325,000 - a seemingly high number. However, during 2010, that figure ballooned to more than 1.3 million. While the internet and mobile devices created swift solutions for the retail sector, it gave criminals additional routes to obtain personal and confidential company information. One of the biggest dilemmas faced by a company is their unavoidable dependency on mobile and online payment solutions. During the holiday season, online transactions accounted for a vast portion of retail sales. In fact, more than $35 billion in retail was sold online for the first 56 days of November and December of 2011. "Debit cards have daily withdrawal … limits, have fraud tracking programs and better dispute resolution mechanisms. If you are operating from unknown PCs or cyber cafés, there may be programs to capture your [online] banking password and the entire amount in your account may be cleaned out. From a marketing perspective also, [online] banking never gives you cash backs, rewards and promotional offers," Uttam Nayak, a manager for Visa told The Hindu Business Line. Consumers may readily avoid a company altogether if an online payment option isn't available, and many prefer to do their research online before even considering to shop at a brick-and-mortar counterpart. According to Hubspot, 78 percent of internet users research a product online before purchasing. As an added security measure, a company can consider asking the user for the CVV2 or CVC2 number on the back of their cards. This increases the chances that the individual making a payment is actually the holder of the hard. While criminals may be able to obtain credit card numbers and expiration dates through phishing scams, they are less likely to know the security number on the back of an individual's card. A secured ACH system or credit card transaction strategy can increase the client's comfortability.